Rockridge Punches 2.45% CuEq over 15.2 Meters Near Surface
It’s no secret that copper is both in severe shortage with increasing demand at the same time production is declining. A new Canadian based junior exploration company has an interesting direction they are moving in. Rockridge Resources (ROCK-V) wants to use modern advanced technology to test old mining camps in safe jurisdictions.
Their latest drill results from their Knife Lake deposit in Saskatchewan seem to indicate they are on to something. Aided by Ron Netolitzky of the Canadian Mining Hall of Fame, the company made a decision to focus on known areas of mining that hadn’t been explored with modern techniques.
The Fraser Institute ranks Saskatchewan as the #3 highest mining jurisdiction in the world. Rockridge is busy drilling their Knife Lake VMS deposit with a known but historic resource of 20 million tonnes of 0.6 copper and 0.1 g/t gold.
Knife Lake is located in the Flin Flon mining camp, home to production of over 170 million tons of ore from 31 different VMS deposits since 1915. Rockridge is in the midst of a diamond core drill program of some eight to ten drill holes. This is the first drilling on the project since 2001. The program has two goals; one is to confirm past drill results and to expand the area of known mineralization.
Early results have been excellent. On April 30th the company released the first two drill holes and intersected 1.28% copper and 1.49% CuEq over 33.1 meters 7.5 meters from the surface along with a 2nd hole showing 43.8 meters of 0.93% CuEq. That was followed a week later with another release showing 2.03% copper and 2.42% copper equivalent over 37.6 meters starting from 11.1 meters depth.
On June 10th they made yet another brilliant report showing 2.01% copper and 2.45% CuEq over 15.2 meters from 5.1 meters down hole. Investors should keep in mind that even at $2.65 copper, a 1% intercept is worth $58 in the ground. Rockridge is releasing excellent results near surface in one of the best places in the world to mine.
Rockridge picked up the project from Eagle Plains under an option calling for ROCK to pay a total of $150,000 and to issue 2 million shares up front and to spend $3.25 million in exploration and to issue a further 3,250,000 shares over a five year period. The project is subject to a 2.5% NSR.
Based on the historic reports and this latest drill program, Rockridge will be releasing a current 43-101 around mid-July.
With just over a five million dollar market cap and a known resource, the stock is pretty cheap. It’s a pure bet on both copper and increasing instability in the mining world. The district is known, infrastructure is in place and they have solid management and great advisors.
The company has done an excellent job of communication and for all potential investors I suggest reading their excellent corporate presentation.
Rockridge is an advertiser. I do not yet own shares. Do your own due diligence.